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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Les H who wrote (264924)7/29/2010 11:36:53 AM
From: Les HRead Replies (1) of 306849
 
Real estate incentives out of style among price-focused shoppers
By JIM BUCHTA - Star Tribune (Minneapolis)

MINNEAPOLIS -- Government cash didn't help John Foley and Cindy Case sell their Minneapolis house before the federal home buyer's tax credit expired at the end of April, so the couple decided to take matters into their own hands.

They hosted a backyard party with food and an open bar, invited the neighbors and professional contractors - in case potential buyers had questions about remodeling. To top it off, they're offering their own $8,000 rebate on the $675,000 home.

Three years ago, such cash enticements were the norm. And cash was only the beginning. Sellers regularly tried to lure prospective buyers with free cars, big-screen TVs and stainless appliances at closing. But after nearly a year and a half of a government tax credit program and mounting economic uncertainty, sellers have scaled back on marketing gimmicks and buyer incentives, largely in an effort to limit their losses. Meanwhile, new rules aimed at reducing the risk of mortgage defaults have made many once-common incentives illegal, so many sellers are simply resorting to one of the oldest tricks in the book: dropping the price.

thesunnews.com
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